Stellar (XLM) Receives Sharia Compliance Certification From Shariyah Review Board
Stellar Obtains Sharia Certification For Tokenization Of Assets And Blockchain Payments.
The Islamic market is huge around the world, so many companies try to get Sharia certification to be able to carve their place in their markets. Stellar is just the latest of these companies that were able to be certified.
The company has made the announcement today and the Shariyah Review Board (SRB) has licensed the company using the Central Bank of Bahrain after reviewing the properties and apps that Stella has. This way, the organization can be considered compliant with the Islamic financial institutions, which is important to be successful in these markets.
Stellar is one the first blockchain companies to receive Sharia compliance certification to make money transfers and asset tokenization. According to the team, the foundation’s mission is to promote global financial access and inclusion using open source software, so this is an important step to get more support in Africa, Middle East and Asia.
What Will This Mean For Stellar?
A partnership with the SRB will be important for the Stellar ecosystem to grow in regions where the financial services have to be compliant with the Sharia. As many Islamic governments in the Gulf Collaboration Council (Bahrain, Kuwait, Oman, Qatar and Saudi Arabia) and Southeast Asia (Indonesia and Malaysia) require it, it will be important to act in these countries.
This way, Stellar will be easy to integrate with other Sharia-compliant services around the world. This is an important step for a company that intends to find its place in a global market to help more people to use the blockchain technology.